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Last Post 10/30/2012 10:34 PM by  Floodguy
Why did State Farm drop out of the WYO.
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Ray Hall
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Posts:2443


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01/16/2011 2:52 PM

    I called some local State Farm Agents and people working the calls stated 'we are are still involved in the process; but we refer our customers with flood policies that need to be renewed in WYO to NFIP direct".

    Could it be the reinspections result in charge backs on 800,000 potential flood losses would not pass muster?....hmm...

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    WILLIS
    Member
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    Posts:97


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    01/17/2011 1:39 PM

    Ray  It is my understanding SF bailed as they were taking a "blood bath" from Flood. They may not be the only WYO to fail.  You are likely correct concluding the "completed claim" was being reinspected to death and SF had agreed to flood payments by the policy that were being rejected by NFIP then further rejected following field review.  SF could not recover their flood payments from NFIP who has a laundry lists of new do's and don't's  that would make your head swim.  I have my own list of items that might be covered in a flood policy that NFIP and NFS  are not going to approve  so why put them in    SF dumped all their policies into NFIP Direct  every flood carreir is trying to reel in that business  Yet another of the joys of adjusting  knowing all the rules for your employer these days is tough

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    Ray Hall
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    Posts:2443


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    01/17/2011 6:04 PM

    I am not dumping on venders, but we all know State Farm was always the plum any vender needed to be locked into the cat. biz.I worked flood losses for two of the largest carriers and the largest vender. This will put more pressure on the cat. corps as flood is not like roof claims.

    Inside older guys will be needed.....to get the files in shape to submit. A license and less than 4 years(provable) days are history.

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    WILLIS
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    Posts:97


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    01/17/2011 7:42 PM

    Well  NFS is in Montana and they review about every WYO file  you can live there  been there nice place not so great in the Winter  might have to learn to like mud

    NFIP found during and after Allison hit Houston flooding the entire town just having a flood license does not confirm you have a clue about handling a flood claim.

    Most of the rules changed following that followed by the big storm flood in Maryland several years later when  WYO's  told their insured to complain to their congressmen   well most of them live in Maryland and so they did  and more changes came  

    Now we have the bad economy  money is tight  rules for handling claims and what we will now pay got tighter as well 

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    tonyd46
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    Posts:76


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    09/14/2012 4:17 PM
    State farm decided to leave the program after haveing to pay fines for not handling flood claims properly. They underpaid claims and the amount of complaints and reinspections was horrendous. There will be a few other big companies to drop out. As for the changing of how the policy is directed if you know the policy and have the NFIP bullatins you will have no problems with handling flood claims. Also when in doubt you can always ask the expert located on the NFIP web page. This goes to the NFIP GA's who will be happy to answer any flood related questions you have pertaining to your flood loss.
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    R_Smith
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    Posts:26


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    10/19/2012 11:22 AM
    Tony,

    I have submitted questions to the NFIP GA's through the NFIP web page on several occasions. I have yet to receive an answer to any of the questions. Most adjusters would like their questions answered in a timely manner. Perhaps someone needs to check out this process to insure it is working appropriately. I will admit none of the questions are simple. But if they were simple, a good flood adjuster should not be asking the question.
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    Floodguy
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    10/30/2012 10:03 PM
    R. Smith, fire away.  I do nothing but flood.
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    Floodguy
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    Posts:6


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    10/30/2012 10:34 PM
    @ R Smith, fire away in another thread.  All i do is flood and will try to help you.
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